Basic Economics

Basic Economics

10th Grade

9 Qs

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Basic Economics

Basic Economics

Assessment

Quiz

Social Studies

10th Grade

Practice Problem

Medium

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Morgan Fox

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the driving force of economics?

Scarcity

Money

Trade Offs

Economic Systems

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The decision to do one thing instead of another is a trade off.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Food and shelter are wants.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The US has which type of economic system?

Command

Capitalist

Mixed

Traditional

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Communist countries or countries with dictators often have mainly which type of economic system?

Command

Capitalist

Mixed

Traditional

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capitalist/Market economies can lead to a wide gap between the poor and wealthy.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is noted as being the "founding father" of capitalism, as seen in his book The Wealth of Nations?

John Maynard

David Ricardo

Karl Marx

Adam Smith

8.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of the following are characteristics of the US economy? CHOOSE ALL THAT APPLY.

Freedom of Choice

Ability to Own Private Property

Total Government Regulation

Competition

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Circular Flow model of economies connects...

Command, Market, and Traditional Economies

Supply, Demand, and Competition

Households, Businesses, and Government

Trade Offs, Opportunity Costs, and Scarcity